India ranks ninth on the list of trading partners that run a trade surplus with the U.S.— it exports more to the U.S. than what it imports. China, Mexico and Japan lead the list and even Vietnam runs a higher surplus against the U.S. than India does, according to U.S. government data.
U.S.-India Trade In 2017
➡ India ranked 9
➡ Exports: $25.7 billion
➡ Imports: $48.6 billion
➡ Total Trade: $74.3 billion
➡ Percent of total trade: 1.9 percent
Diamonds top the list of Indian goods exports to the U.S., amounting to over $8 billion last year. Pharmaceuticals, apparel, fish and shellfish petroleum products and organic chemicals are among the top 10 U.S. imports from India.
The Metals Impact
India is a minor exporter of the two metals that U.S. President Donald Trump has announced tariffs on—steel and aluminium. The formal tariff orders are expected to be signed this week.
Steel
While India is among the top four manufacturers of steel globally, it exports less than 10 percent of its total production. According to government data, India exported just over Rs 10,600 crore of iron and steel, and articles thereof, to the U.S. in financial year 2016-17.
According to an HSBC Global Research report, India accounts for approximately 2 percent of U.S. steel imports—Canada, Brazil and Korea top the list. While the direct tariff impact on India will be minimal, global prices will likely remain under pressure, said the report. – Goldman Neal Bhai Reports – INDIA
